123jump.com Staff
06 Feb, 2008
New York City
Rio Tinto rejected the revised offer from BHP which valued the company at $147 billion from earlier offer of $127 billion. BHP raised its ofer to 3.4 BHP stock for one stock of Rio Tinto on the last day to meet the UK regulatory requirements for takeover. Rio cited in the statement that the ofer fails to value its underlying assets adequately. BHP may revise the offer again. Separately BHP reported declining earnings on rising operating costs.
123jump.com Staff
06 Feb, 2008
New York City
U.S. stocks rebounded from the losses at the open after a revised bid of $147 billion from BHP, better than expected earnings frm Disney, JDS Uniphase, and Time Warner. Asian markets fell sharply tracking the losses in Europe and the U.S. in Tuesday trading. In Europe, Spain and Germany are leadig the gainers in the region. Mining and metals stocks rallied after BHP revised its offer for Rio Tinto. JDS Uniphase soared 30% after reporting 22 cents per share income.
123jump.com Staff
06 Feb, 2008
New York City
Mumbai stocks are caught in a volatile and choppy trading for the last three months, and trading today was no different. Sensex index fell 2.8% or 523 to 18,139.49 in line with global market sell-off. U.S. market averages fell between 2.5% and 3% and markets in Europe decline more than 2%. European markets todaly eked out minor gains after a mild rebound in the U.S. Maruti Suzuki, Tata Motors, and Bajaj Auto fell.
123jump.com Staff
06 Feb, 2008
New York City
BHP billiton revised its offer for Rio Tinto to $147 billion from $127 billion. The revised offer now values the company at 3.4 BHP stock to 1 stock of Rio. Chinalco and Alcoa may make a offer for Rio after purchasing 9% stake in Rio. Seprately, BHP reported lower earnings on higher operating costs. Stocks in Australia fell 3.2% on the sharp decline in global markets prompted by a weak read on the U.S. service sector in January. Markets in Asia, Europe, and Australia fell sharply.
123jump.com Staff
06 Feb, 2008
New York City
Financial markets in Asia fell shaprly after service sector index showed a decline in activities in January. In Hong Kong trading Hang Seng Index fell 5.4% or 1,339.24 at 23,469.46, down 0.8% for the week, and the Hang Seng China Enterprises Index, Which tracks H share of mainland companies, slid 6.9 % to 13,067.11.
123jump.com Staff
06 Feb, 2008
New York City
Stocks in Japan and Asia fell across the region, sharply. The rising fears of U.S. recession hobbled investors in the region. Investors in Tokyo, Shanghai, Hong Kong, and Mumbai sold stocks. In Tokyo trading Nikkei 225 fell 4.7% or 646.26 to 13,099.24, and the broader Topix Index slipped 4.2% or 57.07 to 1,298.41. Japan Tobacco and Nissin Food deal to sell frozen food unit has collapsed. Mitsubishi Heavy and Nikon rose on earnings.
123jump.com Staff
06 Feb, 2008
New York City
U.S. stocks edged lower after trading down, up, and dow at close. The talks of inflation fighting from the Philadelphia Fed President weighed on the market. Earlier, in the mornig, market digested a drop in oil price on the weekly crude oil inventory report and a rise in productivity in the last quarter and in 2007. Earnings from Disney and Time Warner lifted the sentiment. Toll Brothers reported senventh quarter of declining earnings.
123jump.com Staff
05 Feb, 2008
New York City
Retail sales index in euro area in December fell 2.0% from a year ago but rose 0.7% for 2007 from a year ago. Only yesterday, Eurostat reported industrial producer price index rose 4.3% in December from a year ago and added 2.8% in 2007. Third largest truck maker in Europe, MAN AG reported third quarter earnings rise of 33% on revenue gain of 38%. Veolia profit rose 18% on 14% rise in sales in the fourth quarter.
123jump.com Staff
05 Feb, 2008
New York City
U.S. stocks fell in the morning after the release of survey on the service sector. The indexes traded lower and in the last hours fell sharply to close 3% lower. S&P 500 led the decliners with a fall of 3.2% followed by a loss of 3.1% in Nasdaq, and 2.93% in Dow Jones. Of the 500 members in S&P 500 index, 481 fell and 17 gained. All the 30 members in the Dow declined. European and Latin markets fell between 2% and 3%. Oil and gold declined.
123jump.com Staff
05 Feb, 2008
New York City
Stocks in India rested after two days of volatile trading. Sensec added 2.84 to 18,663.16 after a fall in the early hours of trading. Financials, metals, and software exporters declined. Hero Honda fell 6% and HDFC Bank declined 2.1%. Maruti Suzuki is expected to launch new car to compete with Nano made by Tata Motor and sell it at 150,000 rupees. Indian Oil, Hindustan Petroleum, and Bharat Petroleum gained on the expected fuel price increae at the end of this week.
123jump.com Staff
05 Feb, 2008
New York City
UK stocks fell after the new worries related to the U.S. economic growth hobbled the markets in the U.S. and Europe. Home builders and retailers fell with the market. Of the 102 FTSE 100 stocks Shire Plc led advancers with a rise of 0.85% followed by rises in Scottish & Newcastle of 0.19% and in BP Plc of 0.18%. Net income at British Petroleum in 2007 fell 5.5% on 6.2% rise in revenue. Taylor Wimpey led the decliners in the index with a fall of 8.1%.
123jump.com Staff
05 Feb, 2008
New York City
U.S.stocks edged lower after a read on the service economy in January declined sharply, sparking worries of economic recession. ISM index for non-manufacturing ssector declined to 41.90 in January from 54.4 in December. A sudden and sharp reversal failed to meet projections from most economist for an index between 51 and 53. Whirlpool surged 9% after reporting better than expected earnings on higher international sales. Church & Dwight added 3% on higher earnings.
123jump.com Staff
05 Feb, 2008
New York City
Stocks in Hong Kong edged lower on a shorter trading session ahead a week of holiday for Lunar New Year. Hang Seng fell 0.9% or 223.38 to close at 24,808.70 and China Enterprises index of H-shares slumped 0.57% to 14,040.68.ICBC Bank has gained approval of shareholders and South African regulators for its stake in Standard Bank.
123jump.com Staff
05 Feb, 2008
New York City
The Reserve Bank of Australia raised interest rate by 0.25% to 7% citing inflationary pressures and fragility of the global financial markets. The bank said that the underlying inflation is running above its target between 2% and 3%. Commonwealth, BankWest and ANZ passed the revised rate to borrowers immediately. News Corp reported second quarter net income of $832 million on 9% rise in revenue.
123jump.com Staff
05 Feb, 2008
New York City
Stocks in Japan closed lower after a string of weak earnings. Toyota reported sales rise of 9.2% and earnings gain of 7.5% in the third quarter and forecasted that the profit may decline in the current quarter on weak sales in the U.S. Toyota fell 1.8%. Mitsubishi Estate declined 4% after it reported third quarter revenue decline of 26% and income fall of 18%. Camera company Nikon reported third quarter sales increase of 14% and net income gain of 13%.
